2018.10.1206:48:00UTC+00Gold Prices Slip After Rally

Gold prices slipped slightly on Friday after hitting over 10-week high in the previous session amid a global rout in equities.

Spot gold was down 0.20 percent at $1,221.11 an ounce after climbing 2.5 percent on Thursday to post its biggest gain since June 2016. U.S. gold futures were down 0.25 percent at $1,224.50 an ounce.

Prices fell as Asian and European equities staged a rebound amid easing trade tensions and after the release of strong Chinese exports data.

Media reports suggested that the U.S. Treasury Department has not labeled China as a currency manipulator in an internal report.

A meeting between U.S. President Donald Trump and Chinese President Xi Jinping at a multilateral summit in November is "under discussion," top economic adviser Larry Kudlow told reporters at the White House.

Meanwhile, China's exports logged a double-digit growth in September to beat forecasts despite escalating trade tensions with the U.S., figures from customs administration revealed today.